Due to the excellent properties of PEEK and their widely applications in medical industry, it is necessary to conduct a comparative study into the drilling performance and residual tensile behavior of PEEK plates under varying cutting conditions. In this study, the effects of tool geometry, drilling parameters, and slope angles on the thrust force, tool temperature, hole quality are discussed. The residual tensile behavior of the drilled PEEK plates is elucidated in terms of the full-field strain evolution during tensile testing by the Digital Image Correction system. The results showed that drilling parameter and tool geometry affect significantly cutting forces, tool temperature, and resulting hole quality. The relationship between the machinability and the residual tensile property of PEEK is reported for the first time. Full-field strains during tensile testing are sensitive to the level of drilling-induced damages, which have an impact on the residual tensile property of PEEK components.